British Prime Minister Gordon Brown appealed to the OPEC cartel this past Friday claiming that cutting oil production would only hurt the world economy during this period of global economic crisis.He called on the leaders of OPEC to be responsible for adjusting oil prices and demanded they act ‘statesmanlike’ to help the rest of the world by assuring a stable price reduction on oil.On the contrary, the members of OPEC worry the financial crisis will result in global shutdown on the demand of crude oil.Members of the Arab-dominated oil-producing organization are worried about the impact of the international financial crisis and global economic slowdown on demand for crude. The Paris-based International Energy Agency said Friday that the slowdown is already cutting into global demand for oil, as leading industrialized economies face being plunged “into outright recession.” Libya’s oil minister Shukri Ghanem said on Thursday that oil-producing nations should ‘look after their interests’ and called for ‘a reduction in output to respond to the fall in income’ resulting from lower oil prices.
No comments:
Post a Comment